AI Server Boom Lifts Taiwan’s PCB Makers to Record Results

Taiwan's printed circuit board (PCB) makers turned in one of the strongest April results of any component segment, with several manufacturers reporting record monthly revenue on the back of AI server demand.

PCBs used to be little more than a line item on a server bill of materials. AI has changed that. Layer counts above 40, ultra-low-loss materials, and larger board sizes are now standard for AI server work. The top-tier makers are absorbing the highest-spec, highest-margin AI orders, while the conventional server boards they are stepping back from are cascading down to second-tier suppliers, lifting demand right across the PCB sector.

Zhen Ding Tech, the world's largest PCB maker by sales, reported April revenue of NT$15.2 billion (US$470 million), down 1.6 percent from March but up 11.8 percent year on year and a record for the month. Combined server, optical communication and IC substrate revenue surged more than 230 percent year on year to another monthly record, with these high-end segments topping 20 percent of sales for the first four months. The company has raised its 2026 capital expenditure target to NT$80 billion (US$2.5 billion), broken ground on a Huai'an HD Park project in China that will host new HDI (high-density interconnect), modified semi-additive process, and high-layer-count lines, and approved a Hong Kong listing for its Leading Technology IC substrate subsidiary.

Tripod Technology delivered the most striking result in the segment. First-quarter revenue reached a record NT$20.96 billion (US$667 million), and April revenue hit NT$8.2 billion (US$260 million) for the first time, up 12 percent from March and 29 percent year on year. Demand visibility now extends well into the second half of 2026. The company described the period as an unusually strong off-season, driven by AI server demand and spillover orders from larger PCB makers prioritising higher-margin GPU and ASIC platforms.

Gold Circuit Electronics reported April revenue of NT$7.29 billion (US$231 million), up 58 percent year on year, with cumulative four-month sales up 60.8 percent. First Hi-tec Enterprise rose nearly 4 percent month on month and 26 percent year on year on steady mid-tier demand. Global Brands Manufacture's revenue for the first four months was up 50.9 percent year on year.

The order-overflow dynamic is the most interesting development for second-tier PCB makers. As leading firms allocate capacity to GPU and ASIC platforms with the highest gross margin, conventional and general-purpose server boards have begun cascading down to companies that previously struggled to win comparable orders.

For the rest of 2026, demand looks settled. The harder question is supply. Easing the current constraints in IC substrates, copper-clad laminate, and finished PCBs will be the key challenge for the industry.